IF YOU READ ONLY ONE THING: The essential lesson of Walter Isaacson’s “Steve Jobs,” out this week: KNOW HOW TO CUT TO THE ESSENCE. Part of the Jobs brilliance was focusing on a FEW things, then being superior and relentless at them. Isaacson writes that while Apple execs were brainstorming about the product that became iDVD, Jobs “jumped up, grabbed a marker, and drew a simple rectangle on a whiteboard. ‘Here’s the new application,’ he said. ‘It’s just got one window. You drag your video into the window. Then you click the button that says “Burn.” That’s it. That’s what we’re going to make.’” And they did.

TOP TALKER – New York mag cover features a smiling Mitt Romney from cover of 1984 Bain Capital brochure -- “Mitt Romney and the 1% Economy,” by Benjamin Wallace-Wells: “Romney went on the road, traveling to meet with billionaire families, … arguing that Bain’s work in consultancy had prepared them to turn businesses around themselves. But Romney and his cohort were young men in their thirties with no experience investing money or running companies, and for nearly a year the pitch kept failing. Romney finally found some takers from Latin America, … and by 1984, he and six consultants he’d picked were staging a photo shoot for the brochure accompanying their first fund; grinning and geeky, they posed for an outtake with dollar bills stuffed in their mouths, their sleeves, their collars.

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“The leveraged-buyout industry in its early days functioned as a laboratory for reinventing business. Most of the promising firms were based in New York and specialized in financial innovation -- reengineering a balance sheet or making use of new tools like junk bonds. Romney’s team in Boston looked down on them as ‘just deal guys’ … Bain Capital focused instead on the way a business runs.”

--Maggie Haberman: "Warfield is a veteran of the Bob Dole '96 campaign, along with Perry's top strategist Dave Carney. ... Anderson ... worked on Mitt Romney's campaign in 2008." Anderson is a partner at OnMessage Inc., a GOP media and polling firm. He co-wrote Louisiana Gov. Bobby Jindal's book "Leadership in Crisis."

OBAMA FOCUSES ON YOUNGER VOTERS with 'Greater Together,' a program targeting 18-29 year-olds: '[T]he universe is larger than college students or first-time voters. Greater Together will work to engage first-time voters who weren't 18 in 2008 with high school programs, college students, non college students, young professionals, returning vets, etc. Also, we plan an aggressive field campaign as well as digital campaign. Though the digital component is important, it is not the only way we are going to work to engage this demographic.'

WHAT SECRETARY PANETTA IS READING ON HIS E4B, FLYING OVER ASIA: Peter Baker has the first installment of a new N.Y. Times series, "The Next War ... the American military and the decisions confronting it in a new age of austerity," with other pieces coming from Thom Shanker, Elisabeth Bumiller and perhaps others. Peter kicks it off with a long profile, "Panetta's Pentagon, Without the Blank Check ": "Tan and ruddy-faced, Defense Secretary Leon E. Panetta took his seat in a hearing room one morning this month ready for battle. ... As President Obama's C.I.A. director, Mr. Panetta oversaw the raid that killed Osama bin Laden last spring. Now as the president's new defense secretary, he is charged with closing the books on multiple fronts - just last week, Col. Muammar el-Qaddafi was killed in Libya and the last American troops were ordered home from Iraq by the end of the year. But the biggest challenges ahead may be retrofitting the military for a new era of austerity and guarding Mr. Obama's national security flank heading into a turbulent election year . ...

"His [CIA] tenure was capped by the Bin Laden raid. A friend, Ted Balestreri, co-owner of Monterey's Sardine Factory restaurant, had dared him to find Bin Laden, vowing to open an 1870 bottle of Château Lafite Rothschild, priced at $10,000, if he did. Four months later, Mr. Panetta called his wife, Sylvia, in California. 'Call Ted,' he said, 'and tell him he owes me that bottle of wine.'" http://nyti.ms/pXEVfu

DRIVING THE DAY: Six days after the GOP debate, President Obama sweeps into Vegas to herald administrative steps to make it “easier for some homeowners to refinance their mortgages.” In August, Nevada registered the nation’s highest foreclosure rate for the 56th month in a row, per RealtyTrac.

--A White House official: “[U]sing the mantra ‘We Can’t Wait,’ the President will kick off an effort to put pressure on Congress to pass the American Jobs Act by highlighting a series of executive actions that his Administration will take without help from Republicans in Congress. … [In remarks at 5:30 p.m. ET at a private residence in Las Vegas, following a meeting with homeowners], the President will highlight a set of steps [announced this morning by Federal Housing Finance Agency] to make it easier for some homeowners to refinance their mortgages and [on Wednesday in Denver], the Administration will announce measures to help students better manage their student loan debt when they graduate. …

“[W]e decided to stop waiting for Congress to fix No Child Left Behind, and decided to give states the flexibility they need to help our children meet higher standards. And the President acted to dramatically reduce the time it takes for small businesses to get paid when they have a contract with the federal government, and eliminated regulations that will save hospitals and patients billions of dollars. While President Obama continues to take executive actions, Republicans in Congress will have the opportunity to do what’s right for the country. They’ll have a chance to vote on a bill that will make an immediate investment of $50 billion in our nation’s surface transportation infrastructure and a $10 billion investment to create a bipartisan National Infrastructure bank. Together, these initiatives will put hundreds of thousands of construction workers back on the job rebuilding our roads, rails, and runways.”

--An administration official: “[T]oo many Americans who have done all the right things -- they have paid their bills and are current on their mortgages --are still stuck in 6% or 7% mortgage because home price declines have made them ineligible for refinancing. While the program designed to help the borrowers faced with this problem who have GSE backed loans has indeed helped nearly a million homeowners, it isn’t working at the scale we need because there are too many barriers in the way.

“Today, the FHFA [Federal Housing Finance Agency] will announce a set of steps in to knock down these barriers which will help responsible borrowers with little or no equity in their homes take advantage of today’s low mortgage rates. Those will include removing caps for deeply underwater borrowers and cutting costs of refinancing. The President will highlight this effort along with Project Rebuild at his event in Las Vegas this evening as a part of his new push to put pressure on Congress to pass the American Jobs Act by highlighting a series of executive actions that his Administration will take without help from Republicans in Congress.”

--WashPost A1, lower right corner, “As homeowners languish, Obama’s aid efforts lag,” by Zachary A. Goldfarb: “[T]he president and his senior advisers, after a series of internal debates, decided against more dramatic actions to help homeowners, worried that they would pose risks for taxpayers and the economy … Peter Orszag … said the administration has underestimated how much the nation’s massive mortgage debts would weigh the economy down after the financial crisis. ‘A major policy error has been to put too little weight on the long, hard slog following a financial slump,’ he said. ‘That leads you to being much less bold with housing.’ … ‘We tried to operate at the frontier of what was possible and have continuously expanded and refined our programs in an attempt to reach as many homeowners as possible,’ said Treasury Secretary Timothy F. Geithner. ‘We do not believe that there were feasible alternatives available to us within our authority that were better.’” http://wapo.st/pCYb7t

--LAWRENCE SUMMERS in the Financial Times, “Foundation for recovery … how to fix US housing: “[C]redit standards for those seeking to buy homes are too high and rigorous. … Bank regulators could facilitate inevitable restructuring of underwater mortgages by requiring banks to treat second mortgages and home equity loans in realistic ways. The Federal Reserve could support demand and the housing market by again expanding purchases of mortgage-backed securities. With a constructive approach by independent regulators, far better policies could be in place six months from now. The anticipation of a change to supportive policies could change the tone of the market even sooner. There is nothing else on the feasible political horizon that can make as large a difference in driving American economic recovery.”

** A message from United Healthcare: At UnitedHealthcare, we’re using our experience and access to vast health care information to make health care simpler and more responsive. Learn more at http://www.healthinnumbers.com **

PUNDIT PREP – DEMS DUCK OBAMA ON CAMPAIGN TRAIL -- David Catanese and Alex Isenstadt: “In trips to Michigan, North Carolina, and Pennsylvania — all states that he carried in 2008 — members of Congress were notably missing from the president’s side. … [N]one came out and said they were deliberately avoiding him … The last three elections — the Sept. 13 House special elections in New York and Nevada, and the Oct. 4 West Virginia special governor’s election — haven’t done much to inspire confidence about Obama’s ability to help the entire ticket: the president was unquestionably an anchor on the Democratic nominees … For Obama, who’s led a charmed political life since bursting onto the national stage in 2004 — he was in high demand on the campaign trail even before he won his Senate seat that year — it’s a harbinger of a humbling election year to come. … [Nancy] Pelosi [said] any one of her House Democrats ‘would love to have the president as a guest in our districts.’” http://bit.ly/p1q7gK

GOP 2012, from Kevin Robillard (@PoliticoKevin):

THE FIELD: N.Y. Times A1, “G.O.P Field Stoking Anger At U.S. Courts,” by Adam Liptak and Michael Shear: “Gov. Rick Perry of Texas favors term limits for Supreme Court justices. Representatives Michele Bachmann of Minnesota and Ron Paul of Texas say they would forbid the court from deciding cases concerning same-sex marriage. Newt Gingrich, the former House speaker, and former Senator Rick Santorum of Pennsylvania want to abolish the United States Court of Appeals for the Ninth Circuit. … Mitt Romney … has so far shied away from the far-reaching criticisms of his rivals.” http://nyti.ms/qAyy3F

PERRY: Austin American-Statesman, “State loan program that Perry touted had to be bailed out,” by Laylan Copelin: “Over his eight years as Texas' farmer-in-chief, Perry oversaw a loan guarantee program with so many defaults that the state had to stop guaranteeing bank loans to startups in agribusiness and eventually bailed out the program with taxpayer money. … Even as the first alarms were sounded, Perry defended the program … It only got worse.” http://bit.ly/qfEJkR

ROMNEY: L.A. Times A1, “Medical help for illegal immigrants could haunt Mitt Romney: On the Republican campaign trail, he derides any public aid. But the healthcare law he signed as Massachusetts governor allows it,” by Noam N. Levey: “Uninsured, poor immigrants can walk into a health clinic or hospital in the state and get publicly subsidized care at virtually no cost to them, regardless of their immigration status. The program, widely supported in Massachusetts, drew little attention when Romney signed the trailblazing healthcare law. … [then-Massachusetts Secretary of Health and Human Services Tim] Murphy said the governor never intended the Health Safety Net to serve undocumented immigrants. … the law mandates that only noncitizens "permanently residing in the United States under color of law" may receive government subsidies to buy health insurance. The law also spells out that undocumented immigrants aren't eligible for the state's Medicaid insurance program for the poor.” http://lat.ms/nzuwU4

--N.Y. Times A14, “Romney, Once a Critic, Hedges on Flat-Tax Plans,” by Richard A. Oppel and Ashley Parker: “Mr. Romney ... is always careful to emphasize … that he would never support any plan that hurts the middle class and helps the wealthy. … [W]hen asked about the many flat-tax plans that have been floated in the last two decades, Romney aides said they could not recall any that might pass muster with Mr. Romney’s requirements.” http://nyti.ms/rgw9o9

THE PRESIDENT’S DAY: At 10:05 a.m., “the President will depart the White House en route Las Vegas, Nevada. The departure from the South Lawn and arrival at McCarran International Airport are open press. While in Las Vegas, the President will deliver remarks at a campaign event. These remarks are pooled press. The President will then meet with homeowners at a private residence and deliver remarks on the American Jobs Act. There will be a pool spray of the President’s meeting with homeowners. The President’s remarks are open to pre-credentialed media. Later, the President will travel to Los Angeles, California. In the evening, the President will deliver remarks at a campaign event at a private residence. There will be print pool coverage for remarks only. Later in the evening, the President will deliver remarks at a campaign event at a private residence. There will be print pool coverage for remarks only. The President will spend the night in Los Angeles.”

--THE V.P.’s DAY: “At 12:00 PM, the Vice President will meet with Bill Gates, Co-Chair of the Bill and Melinda Gates Foundation. This meeting is closed press. At 4:00 PM, the Vice President will deliver keynote remarks at the Global Hunger Conference at the U.S. Department of State, hosted by the World Food Program USA, in partnership with the U.S. Department of State.”

BUSINESS BURST– Financial Times p. 1, “VW to overtake Toyota for top spot,” by John Reed, Motor Industry Correspondent: “Volkswagen will become the world’s biggest carmaker this year – … seven years earlier than its management’s aim to replace Toyota in the industry’s top spot … Forecasts show that VW’s relentless growth around the world, coupled with Toyota’s supply-chain problems after this year’s earthquake in Japan, mean the German automaker will claim the number one spot for both sales and production. … The result … would mark an upset in an … industry where Toyota and General Motors have for the past several years vied for the title of biggest. … PwC Autofacts … estimates that VW will be the car industry’s largest producer this year, followed by GM and Toyota. … Analysts said that VW would be unlikely to retain its top-selling spot in 2012, as Toyota restored its production.”

--AP/New Orleans: “[T]he Saints set a franchise record for points and victory margin in a 62-7 demolition of the hapless Indianapolis Colts on Sunday night. … The Saints had 557 yards and a team-record 36 first downs. … [A]t this rate [the Colts] might not win many games at all. … For the seventh game this season, Colts star quarterback Peyton Manning was forced to watch because of a neck injury that has sidelined him all season.”

--Bloomberg Businessweek cover, “The Green Bay Packers Have the Best Owners in Football: The fans are shareholders. The CEO is a union leader and ex-player. The city is a dot on the map. The bizarre anomaly of the franchise that rules the NFL,” by Karl Taro Greenfeld: “The Packers have sold out 295 consecutive home games, and there are 80,000 names on the waiting list for season tickets. Everywhere you look in Green Bay there is Go Pack signage—at the obvious places, like Brett Favre’s Steakhouse just off Holmgren Way, and the less obvious, like the Pho #1 Noodle & Grill on Oneida Street. … The Packers led the NFL in apparel sales last year—the top two selling jerseys in the league were Packers Aaron Rodgers and Clay Matthews—making $27 million just through the pro shop inside Lambeau Field and the site Packers.com. All that swag, and those endless sellouts, made the Packers the 11th-highest-revenue team in the NFL in 2011 … When you talk to Packer management, you start to realize that success is a tribute to the careful, constant maintenance of two things: the product on the field and the community’s warm feelings about that product.” http://buswk.co/pNNsoD

--Sunday stats – NFL release: “The NEW YORK JETS overcame a 21-10 deficit to defeat the San Diego Chargers 27-21 and the DENVER BRONCOS erased a 15-0 fourth quarter deficit to defeat the Miami Dolphins 18-15 in overtime. It marked the 21st time this season that a team trailed by at least 10 points and came back to win the game. … The Broncos [led by QB Tim Tebow] also became the first team to come-from-behind and win a game after trailing by 15+ points with three minutes remaining in the fourth quarter since 1970. …

“The Packers are the fourth defending Super Bowl champion to start the following season 7-0 (1990 San Francisco 49ers; 1998 Denver Broncos; 2007 Indianapolis Colts). … Green Bay quarterback AARON RODGERS passed for 335 yards with three touchdowns and a 146.5 passer rating in the Packers’ win. Rodgers is the first player in NFL history with a 110+ passer rating in each of his first seven games to start a season. …

“Dallas Cowboys rookie running back DE MARCO MURRAY rushed for a franchise-record 253 yards with one touchdown in the Cowboys’ 34-7 win over St. Louis. Murray’s 253 rushing yards are the second-most rushing yards in a game by a rookie in NFL history. Minnesota running back ADRIAN PETERSON holds the rookie and all-time record (296 on November 4, 2007). … Carolina rookie quarterback CAM NEWTON had a passing and rushing touchdown in the Panthers’ 33-20 win over Washington. Newton now has seven rushing touchdowns, tying VINCE YOUNG (seven in 2006) for the most rushing touchdowns by a rookie quarterback in a season since 1970. … Newton … is the first player in NFL history with at least seven passing and seven rushing touchdowns in the first seven games of a career.”

--“Monday Night Football: AFC North Leading Ravens Battle Jaguars” – ESPN release: “Maurice Jones-Drew and the Jacksonville Jaguars will host Ray Lewis and the first-place Baltimore Ravens on ESPN’s Monday Night Football … at 8:30 p.m. ET. Mike Tirico will call the game with analysts Jon Gruden and Ron Jaworski. Sal Paolantonio will report from the sideline. The 90-minute pre-game show Monday Night Countdown starts at 7 p.m. with host Chris Berman and analysts Cris Carter, Mike Ditka, Tom Jackson, Keyshawn Johnson, and NFL Insiders Chris Mortensen and Adam Schefter. Steve Young will also join the conversation on site. A Spanish-language version of MNF will be available on ESPN Deportes.”

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Authors:

About The Author

Mike Allen is the chief White House correspondent for POLITICO. He comes to us from Time magazine where he was their White House correspondent. Prior to that, Allen spent six years at The Washington Post, where he covered President Bush's first term, Capitol Hill, campaign finance, and the Bush, Gore and Bradley campaigns of 2000. Before turning to national politics, he covered schools and local governments in rural counties outside Fredericksburg, Va., for The Free Lance-Star, then wrote about Doug Wilder, Oliver North, Chuck Robb and the Bobbitts for the Richmond Times-Dispatch, where he nurtured police sources on overnight ride-alongs through housing projects. Allen also covered Mayor Giuliani, the Connecticut statehouse and the wacky rich of Greenwich for The New York Times. Before moving to The Times, he did stints in the Richmond and Alexandria bureaus of The Washington Post. Allen grew up in Orange County, Calif., and has a B.A. from Washington and Lee University, where he majored in politics and journalism.